Mashele Accounting Solutions

27/07/2026

What is the Taxable Income Framework/Taxable Income?
Gross Income ###
Less: Exempt Income ( ### )
Gives: Income ###
Less: Allowable Deductions ( ### )
Add: Taxable Capital Gain ###
Gives: Taxable Income ###

In simple terms, taxable income is the profit a company/person made after deducting all allowable deductions.

29/06/2026

What are the Financial Statements?

Entities are required to present a complete set of financial statements at least annually, with comparative amounts for the preceding year (including comparative amounts in the notes), a complete set of financial statements comprises:
1. Statement of Financial Position
2. Statement of Profit and Loss and Other comprehensive income
3. Statement of Changes in Equity
4. Statement of Cash Flows
5. Notes, comprising a summary of significant accounting policies and other explanatory information

Don't wait until the regulatory bodies request the Financial Statements from you, prepare them in time with the assistance of MAS Accountants.

16/06/2026

2026 Filing Season for Individuals!

The dates for the 2026 Filing Season are:
Auto Assessments: 1 July to 12 July 2026
Non-provisional individuals: 13 July to 23 October 2026
Provisional taxpayers: 13 July 2026 to 22 January 2027
Trusts: 13 July 2026 to 22 January 2027

Diarise the Filing Season dates and keep an eye on the Tax Season webpage.

29/05/2026

What is PAYE(Pay As You Earn) and who must pay it?

Employees’ Tax refers to the tax required to be deducted by an employer from an employee’s remuneration paid or payable. The process of deducting or withholding tax from remuneration as it is earned by an employee is commonly referred to as PAYE. All employers must register for PAYE as soon as employing at least one person. The PAYE amounts withheld must be paid by the employer to SARS on a monthly basis, by completing the Monthly Employer return (EMP201).

04/05/2026

Diesel Refund System

What is it?
Qualifying entities that carries on eligible activities in the categories and industries listed below and that are registered for VAT purposes (under the Value-Added Tax Act, No. 89 of 1991), may apply for registration for the diesel refund by completing a VAT101D (Application for registration of diesel refund).

You can claim a diesel fuel refund if you are a registered VAT vendor and your business is involved in one of the following industries:
1. On Land
1.1 Farming
1.2 Mining
1.3 Forestry

2. Off Shore
2.1 Commercial Fishing Vessels
2.2 Coasting Vessels
2.3 Off-Shore Mining
2.4 Vessels owned by the NSRI
2.5 Marine Industry Research Vessels
2.6 Coastal Patrol Vessels
2.7 Fibre-Optic Telecommunication Service Vessels

3. Harbour Vessels
3.1 Operated by Portnet
3.2 Used by in-port bunker barge operators

4. Rail
4.1 Locomotives used for rail freight
5. Electricity Generation Plants

5.1 Such plants with a generation capacity exceeding 200 Megawatt per plant.



https://www.sars.gov.za/customs-and-excise/excise/diesel-refund-system/?fbclid=IwY2xjawRlGvNleHRuA2FlbQIxMQBzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeaxjwo2ST7I0jMa_MYbeYYU8Uhhw5uYg1uMBONBZ7p-RoviNb7q4LOk4HTec_aem_6N2DTH9bqgIBoc2TuI3tRA

Following the earlier communication dated 12 December 2025 (reference number 7/6/1/1/2/PQ/DRS/2025/Dec-1), SARS informs stakeholders that the new Diesel

20/04/2026

Basics of Accounting

Accounting is an essential part of running a business, but that does not mean that you have to be an accountant to comprehend the basics, the Accounting Equation states that company's total assets are equal to the sum of its liabilities and its shareholders' equity and this is the foundation of double entry accounting system.

Assets=Equity + Liabilities

02/04/2026

Basics of Taxation

Many individuals are of the views that rental income is not taxable, which is far from the truth, a South African resident is taxed on world wide income/s, though some income/s can be exempt from tax, it is the taxpayers responsibility to declare his/her yearly(some half yearly) income to SARS, thus rental income is a taxable income which must be declared on the ITR12. Expenses such as repairs costs, bond interest, etc. are allowed as deductions.

Contact us if you are struggling to make this declaration to SARS.